Henry Schein, Inc. (HSIC) SEC Filings & Earnings Calls

Leadership transition risk; new CFO lacks healthcare distribution experience; potential execution risk during transition.

“CFO change with new hire from industrial sector; structured transition period mitigates immediate risk.”

Increased debt capacity could lead to higher leverage if drawn; but terms appear standard with no adverse changes.

“Facility increased by $250M; maturity extended to 2031; used for general corporate purposes.”

Tariff and FX uncertainty

“Guidance does not include any remeasurement gains for the remainder of 2026, or any future benefits from tariff refunds.” · word for word

Tariff Uncertainty

“The tariffs did not have an adverse material impact on our results of operations during fiscal year 2025 and the six months ended June 27, 2026, although sales of U.S. dental equipment were temporarily impacted by market uncertainty related to tariffs in the second half of the quarter ended June 28, 2025.” · word for word

Restructuring Execution

“During the three months ended June 27, 2026 and June 28, 2025, we recorded restructuring and related charges associated with the 2024 Plan of $29 million and $23 million, respectively.” · word for word

Interest Expense Increase

“Interest expense increased primarily due to increased borrowings.” · word for word

Transition of key executives could cause short-term operational disruption.

“Three long-tenured executives transitioning out of current roles; new leadership structure being implemented.”

Tariff Uncertainty

“The tariffs did not have a material impact on our results of operations during fiscal year 2025, although sales of U.S. dental equipment were temporarily impacted by market uncertainty related to tariffs in the second half of the quarter ended June 28, 2025.” · word for word

CEO Transition

“On January 12, 2026, we announced the appointment of Frederick M. Lowery as CEO, effective March 2, 2026.” · word for word

Cyber Incident Legacy

“During the three months ended March 29, 2025, our operating costs were favorably impacted by insurance proceeds of $20 million related to the October 2023 cyber incident included in the Adjustments category.” · word for word

GAAP net income declined slightly YoY due to restructuring and acquisition-related costs

“GAAP net income $107M vs $110M in Q1 2025”

PSU underperformance risk

“The resulting total payout of the PSUs granted in 2023 and vesting in 2026 was 21.5% of the original number of PSUs granted.” · word for word

Cyber incident impact

“The main factors in the 0% payout were lower sales as a result of macro-economic conditions and slower recovery of business from the impact of the cyber incident in October 2023” · word for word

Macroeconomic and PPE pricing pressure

“lower pricing for personal protective equipment (PPE) products as compared to the estimates used when creating the three-year cumulative EPS goal in 2022” · word for word

Tariff and trade policy risk

“The U.S. has adopted new and increased tariffs on imports from countries, and such tariffs remain subject to frequently evolving exemptions and modifications, as well as to court challenges, including a recent invalidation in the Supreme Court of many of the tariffs.” · word for word

Regulatory compliance cost risk

“Certain of our businesses involve the distribution, manufacturing, importation, exportation, marketing, sale and promotion of pharmaceuticals and/or medical devices, and in this regard, we are subject to extensive local, state, federal and foreign governmental laws and regulations” · word for word

Customer consolidation risk

“Customer consolidation will likely lead to multiple locations under common management and the movement of more procedures from the hospital setting to the physician or alternate care setting, as the health care industry is increasingly focused on efficiency and cost containment.” · word for word

Foreign currency exchange risk

“1.9% FX benefit in Q4; guidance assumes stable FX.”

Respiratory product softness

“Global Medical Distribution sales growth of 4.9% despite softness in respiratory product category.”

No material risks identified.

Leadership transition risk, but orderly succession plan mitigates uncertainty

“Board expects to name next CEO by mid-January 2026; Bergman continues until successor assumes role”

Covenant modifications may indicate tighter or looser terms; no material adverse change disclosed

“modify certain financial definitions and covenants” · word for word

Cyber Incident Impact

“During the three and nine months ended September 28, 2024, we had a sales decrease in our dental and medical distribution businesses, which we believe was primarily a result of lower sales to episodic customers following the cyber incident.” · word for word

Medicaid Policy Risk

“The OBBBA, in combination with tariffs, will almost certainly have an adverse impact on utilization, Medicaid payment and cost of production (if foreign components are used).” · word for word

Tariff Uncertainty

“It is unclear whether, or the extent to which, the current tariffs on trade with numerous countries will remain in place, or change, the exceptions that may apply, and their timing.” · word for word